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A multi-million-pound fund has been launched to help creative businesses looking to scale up.

The £24million fund will provide UK companies that have reached a point of growth that requires supporting finance with loans of up to £500,000.

A total of £10million is being provided by ethical bank Triodos, whose UK HQ is in Bristol, while £5million will come from not-for-profit organisation Creative England. Another £9million of funding will be reinvested from returns over four years.

Creative England will also offer support through a regional network of investment and sector specialists.

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Caroline Norbury, chief executive of Creative England, said: “Our country’s greatest industrial asset is our people and their ideas. If we want to translate from ambition to bottom line growth, then continual investment is a must.

“Access to transformative risk capital to enable creative entrepreneurs to evolve from small businesses to scale-ups that can add value to UK Plc, hinges on the ability to access a level of finance that is – in its current state – notoriously inaccessible.

“[This] fund ensures a shift in the ecosystem for lending across the creative industry.”

Bevis Watts, chief executive of Triodos Bank UK, added: “We are looking forward to seeing the impact this new fund will have on local communities and regional development.

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“We’re keen that the funding reaches creative businesses all over the UK, and supports the delivery of the sustainable development goals by reaching areas with low social inclusion and high economic exclusion.”

The scale-up window for creative industry SMEs sees 72 per cent suffering from a lack of growth capital, according to Creative England.

Over the past seven years, the organisation has invested over £20million in the creative industries, with 81 per cent spent outside London and the South East.